Smart Contracts

CBDC's should be terrifying for everyone, including corrupt globalists

Fractional reserve banking is ready to implode. A new system is on the way. The establishment is putting all their hopes into Central Bank Digital Currencies (CBDC’s) and freedom lovers are fighting such currencies with all their hearts.

CBDC’s are terrifying for those us who spotted the tyrannies of history, and the open plans to use them to push social credit systems as soon as they are widely adopted.

The key fear of most people is that CBDC’s would use a simple form of smart contract. An if/then algorithm set by a central power. Eg. If Slave 24601 has spent $10 on fruit this month, he has used his quota of water/land intensive food intake, and can now only spend money on algae sludge until further notice.

With such potential built into every transaction we make, Social Credit systems would become more and more oppressive and the future is almost impossible to imagine with any robust forms of liberty, individualism, human rights, consumer protections, or non-violent means of systemic change.

Everyone I respect is talking about CBDC’s in relation to such tyranny, and it’s use as an efficient tool for population subjugation. Alternate opinions which I do not respect are that:

1. CBDC’s will be convenient and our currently benevolent and not corrupt governments will use them to make our lives easier.

2. CBDC’s will help fight crime, reduce human rights abuses, assist in global co-operation.

This is where I want to entertain a more hopeful fantasy, which I have not heard anywhere else. It is, I believe, a genuine yet slim hope for a better future. It is simply the using of the CBDC weapon against it’s creators. Call it Diversified Population Digital Currency’s (DPDC’s). They would be identical in every way to CBDC’s except not created or controlled by central powers.

3. DPDC’s will be used by citizens to introduce accountability for government spending. (It puts a whole new spin on this meme to imagine the blue shirt as an elected representative.)

Eg. I pay my taxes, but built into the smart contract associated with my digital payment is the following condition: the money can only be used for parks, roads, garbage collection. In this way, not only do we achieve ‘democracy’ via CBDC’s we achieve a democracy with genuine corruption minimization built in.

Let’s follow the example further. My neighbour, Jones, pays his taxes, but builds into his smart contract that the money can only be used for fireworks shows, murdering Afghani kids, buying nuclear submarines, pay raises for politicians, trans strip shows in schools, forced injections of toxins for all kids, bioweapons research and subsidizing Ukrainian crime syndicates.

I don’t agree with Jones on almost everything, but this is true democracy at work. The poor honest public servants tasked with spending his money might hand it off to the psychopaths to get those distasteful jobs done and we all at least get some fireworks or parks to enjoy.

Importantly, if Jones is an extreme minority, the psychopaths who try to dip into public coffers to do the evil things find that their piggy bank is almost empty. They cannot easily take wealth which was paid in good faith for the upkeep of roads and use it instead on, say, psychological warfare over a made up pandemic. The people have found a mechanism to trap public servants into actually serving the public, not defrauding us. Since this potential is built into the concept itself, CBDC’s should be terrifying for everyone, including the corrupt globalists because they include the potential for Digital checks and balances on themselves too. Like nuclear weapons or AI, digital currencies are a dangerous tool which really could be put to unpredictable uses.